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Pound Eases As U.K. Foreign Secretary Boris Johnson Departs

The pound trimmed its early gains against its major counterparts in early New York deals on Monday, as U.K. foreign secretary Boris Johnson resigned from his position, in the wake of conflict in the Cabinet over Brexit.

Boris Johnson’s resignation put Theresa May’s government into more chaos, amid her attempts to keep the UK within the single market and customs union.

It follows the resignation of Brexit secretary David Davis on Sunday.

The pound retreated to 1.3117 against the franc and 146.57 against the yen, from its early 3-week high of 1.3202 and near a 4-week high of 147.62, respectively.

The U.K. currency weakened to a 10-day low of 0.8873 against the euro, off its early 4-day high of 0.8812.

The pound reversed from an early high of 1.3363 against the greenback, falling to 1.3239.

The pound is likely to find support around 1.29 against the franc, 145.00 against the yen, 1.30 against the greenback and 0.90 against the euro.